Budgeting Tools
Budget Worksheets
If you wish to buy a home with Proud Ground, you must submit a household budget. There are many ways to create a budget document; if you don’t know where to start, we suggest downloading the spreadsheets below. If you need guidance, please reach out to your housing counselor for additional help.
Proud Ground Budget Worksheet
This fillable PDF is great for monthly budgets.
Financial Discovery Worksheet
This Microsoft Excel worksheet is useful for more in-depth accounting.
Mortgage Calculator
A home loan, or mortgage, lets you borrow most of the home’s value from a lender, which you pay back over 15 to 30 years. This extended loan lifespan makes it more affordable to manage monthly payments.
Proud Ground recommends that you calculate the total cost of your loan, taking into account not only the interest rate but also the loan term (number of years) and any additional fees. Understanding these details helps you make informed decisions, ensuring that you select a loan that aligns with your financial situation and long-term goals.
Understanding Interest Rates
How do banks and other lenders benefit from loaning money to homebuyers? Interest. Loan interest can significantly impact the overall cost of homeownership, so buyers need to understand how it works. Interest is the cost of borrowing money and is expressed as a percentage of the loan amount. This is the interest rate. This rate can vary based on several factors, including the lender, the borrower's credit history, and market conditions.
Fixed-Rate Loan
You should pay close attention to the interest rate. Your fixed-rate loan for a Proud Ground property will have a constant interest rate throughout the life of the loan, providing predictability in payments.